grupo nutresa s. a....3 innovation bénet, is grupo nutresa´s new nutritional-expert brand in the...

Grupo Nutresa S. A.Quarterly Report – Q2 2017

2

According to Monitor Empresarial de Reputación

Corporativa – MERCO – in its edition MERCO Talent

2017, for the second year in a row, Grupo Nutresa is

the second best company to attract and retain talent in

Colombia and the most attractive in the food sector.

Highlights

3

Innovation

Bénet, is Grupo Nutresa´s new

nutritional-expert brand in the form of a

powdered-beverage that offers all the

necessary nutrients for balanced,

energized, and wholesome being.

The two new product launches under

the Tosh brand, baked snacks and cold

infusions, are made with wholesome,

natural ingredients that are free of

additives and artificial flavors. Perfectly

healthy snacking alternatives that offer

convenience and nutrition to our

consumers.

SALES PERBUSINESS UNIT

2Q - 2017

Colombia salesCOP 1.335,4 mm +2,9%Cop billion

4

International SalesEx-Venezuela 2Q 2016

USD 267,9 mm +7,4%

COP 781,8 +4,7%Cop billion

2Q17 Sales

Colombia and international

Percentage variation in

volume (Q) and prices (P)

% chg. YoY Million dollars

% chg. YoY Billion pesos

Retail Food

Cold cuts Biscuits Chocolates Coffee

Cold Cuts Biscuits Chocolates CoffeeTMLUC*

RetailFood

PastaIce cream

* Variation doesn’t include

Retail Food

(Since October 2016, investments in

Venezuela are accounted as financial

instruments)

• Ex-Venezuela 2Q 2016

Including Venezuela 2Q 2016

USD -0,3%

COP -2,7%

396,1

210,3228,0

147,6117,1 106,7

72,9

050

100150200250300350400450

CO

P B

ILL

ION

-1,4%

+5,2%

+6,1%

+2,3%-0,5%

Q: -4,1P: +7,0*

+4,5%

+6,5%

Q:-4,8

P:+3,5

Q: -6,2

P:+11,4

Q:-1,8

P:+7,1

Q:+6,1

P: 0,0Q:-9,3

P:+12,8

Q:-0,9

P: +0,4

12,1

73,2

39,5

88,8

36,6

17,6

0

10

20

30

40

50

60

70

80

90

US

D M

ILLIO

N

+5,9%

-0,8%

+6,0%

+0,5%

+24,3%

+36,3%*

Ex-Venezuela 2Q 2016

COP 2.117,2 +3,6%

5

Total

2Q17 Sales

% chg. YoY

Billion pesos


2Q - 2017

TOTAL SALES

Cold cuts Biscuits Chocolates CoffeeTMLUC* PastaRetailFood

Ice cream

Billion pesos

Including Venezuela 2Q 2016: +0,8%


431,3

423,9

343,4

259,1254,4

168,4

106,773,0

0

50

100

150

200

250

300

350

400

450

500

CO

P B

ILL

ION

+3,9%

+2,2%

+2,3%

+3,3%+11,9%

-0,5%

+3,8%

+0,7%*

24,2

141,3

74,4

168,6

72,5

35,3

0

10

20

30

40

50

60

70

80

90

US

D M

ILLIO

N


1H - 2017

Colombia salesCOP 2.650,1 mm +3,9%Cop billion

6

International SalesEx-Venezuela 1H 2016

USD 516,6 mm +5,5%

COP 1.509,0 -1,3%Cop billion

1H Sales

Colombia and international

Percentage variation in

volume (Q) and prices (P)

% chg. YoY Million dollars

% chg. YoY Billion pesos

Retail Food

Cold cuts Biscuits Chocolates Coffee

Cold Cuts Biscuits Chocolates CoffeeTMLUC*

RetailFood

PastaIce cream

* Variation doesn’t include

Retail Food

(Since October 2016, investments in

Venezuela are accounted as financial

instruments)

• Ex-Venezuela 1H 2016

Including Venezuela 1H 2016

USD -2,6%

COP -8,8%

798,6

415,0453,6

294,5229,3 207,3

143,2

050

100150200250300350400450

CO

P B

ILL

ION

+0,5%

+8,4%

+7,7%

-7,2%+3,3%

Q: -3,6P: +7,6*

+6,2%

+6,6%

+2,3%

+1,5%

+5,9%

+1,2%

+12,8%

+35,6%*

Q:-2,1

P:+2,6

Q: -6,4

P:+13,4

Q:-0,5

P:+8,9

Q:+7,9

P: -0,1Q:-14,7

P: +8,8

Q:+0,9

P: +2,3

869,4

827,8

671,0

492,3506,0

332,5

207,3143,4

0

50

100

150

200

250

300

350

400

450

500

CO

P B

ILL

ION


COP 4.159,1 +2,0%

7

Total

1H17 Sales

% chg. YoY

Billion pesos


1H - 2017

TOTAL SALES

Cold cuts Biscuits Chocolates CoffeeTMLUC* PastaRetailFood

Ice cream

Billion pesos

Including Venezuela 1H 2016: -1,1%


+0,6%

+3,7%

-7,2%

-0,7%+6,5%

+3,2%

+2,5%

+2,2%*

INTERNATIONAL

36,3%

8

USA

8,1%

DOMINICAN REP.& CARIBBEAN

1,8%

CHILE

8,4%

VENEZUELA

0%

MEXICO

3,6%

CENTRAL AMERICA

9,3%

COLOMBIA

63,7%

ECUADOR

1,4%

PERU1,8%

63,7%COLOMBIA

OTHER COUNTRIES1,6%

Sales by region 1Q17

Market shareColombia + TMLUC

Consolidated market share in Colombia: 60.1% -1.6%**

Biscuits Chocolates CoffeeCold Cuts

#2 Private labels 7,5% #2 Nestlé 11,7%#3 Mondelez 10,5%

#2 La Muñeca 31,5%(A) #2 Ferrero 8,7%(B) #2 Casa Lúker 25,4%(C) #1 Nestlé 70,6%(D) Frito Lay 25,8%

(A) #2 Águila Roja 26,1%(B) #1 Nestlé 44,1%

TMLUC

(A) #2 Carozzi 34,2%(B) #1 Carozzi 41,7%(C) #1 Nestlé 69,4%(D) #1 Frito Lay 58,8%(D) #1 Mondelez 56.3%

*ICB= Instant Cold BeveragesSource: Nielsen twelve month as of May 2017. ** Nielsen market share measurement methodology was updated, thus numbers for previous year can be different from those reported as of 2Q 2016(% share as in value and change vs. same period last year)

Ice Cream Pasta

9

53,9%-2,4%

Chocolate confectionery

68,6% (A)

-0,1%

Hot chocolate63,7% (B)

+1,1%

Milk modifiers24,1% (C)

-0,6%

Nuts55,5%

-0,6% (D)

Roast and ground

coffee (A)

52,4%-1,7%

Soluble coffee (B)

40,5%-1,3%

72,6%-1,6%

ICB*63,8% (A)

+0,0%

Pastas

27,5% (B)+0,2%

Coffee

17,9% (C)+1,5%

Potato Chips

15,0% (D)+1,7%

México ICB*

31,1% (E)-0,7%

ICE CREAM

ND 51,2%-0,9%

Retail Food

# 1 in Hamburguers

and Steakhouses categories in

Colombia

# 1 in Ice cream shops –Rep. Dom. &

CR

Raw materials

GRUPO NUTRESA

COMMODITIES INDEX

10

38,5%

14,3%9,5%

7,4%

6,9%

6,1%

4,9%

4,8%

3,8%

1,8%

2,0%

COGS BREAKDOWN (1H17)

Packaging mat.Coffee

Pork

Wheat

Cocoa

Beef

Oils & fats

Sugar

Milk

Other

Poultry

The basket of raw materials included in the GNCI was updated as o f January 1st, 2017. The technical specifications of the GNCI may be obtained at:http://www.gruponutresa.com/inversionistas/resultados-y-publicaciones/resultados-trimestrales/?lang=en#2017-2

92

86

107

144

113

95

112

87

87

88

74

89

104

119

134

149

164

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

http://www.gruponutresa.com/inversionistas/resultados-y-publicaciones/resultados-trimestrales/?lang=en#2017-2

EBITDA

2Q17

EBITDA


COP 262,7 +8,4%Billion pesos

MARGIN 12,4%

11

Convention:

Cold cuts Biscuits Chocolates CoffeeTMLUC PastaRetail Food

Ice cream

Including Venezuela 2Q

2016: +3,7%


51,8

50,7 44,4

36,6

34,8

21,5

11,0 8,3

0

10

20

30

40

50

60

CO

P B

ILL

ION

12,9%

+65,9%

12,8%

-1,8%

12,0%

-18,8%* 12,0%

+9,2%

14,1%

+37,9%

10,3%

+35,2%

13,7%

-10,1%

11,4%

+2,3%

EBITDA

1H17

EBITDA

Ex-Venezuela 1H 2016

COP 527,2 +2,7%Billion pesos

MARGIN 12,7%

12

Convention:

Cold cuts Biscuits Chocolates CoffeeTMLUC PastaRetail Food

Ice cream

Including Venezuela 1H

2016: -1,3%


107,3

101,6 94,6

67,9

71,0

43,2

20,1 17,6

0

10

20

30

40

50

60

CO

P M

ILE

S D

E M

ILL

ON

ES

14,1%

+68,4%

13,0%

-3,6%

12,3%

-15,9%* 12,3%

+1,5%

13,8%

+28,5%

9,7%

-25,0%

14,0%

-20,4%

12,3%

+35,4%

Comprehensive

Income statement 2Q17

13For further details please check the notes of the financial statements on the following link:https://www.gruponutresa.com/en/inversionistas/resultados-y-publicaciones/resultados-trimestrales/#2017-2

2017 - 2Q% Revenues 2016 - 2Q% Revenues % Var.

Continuing operations

Operating revenue 2.117.243 2.101.067 0,8%

Cost of goods sold (1.182.469) -55,8% (1.202.985) -57,3% -1,7%

Gross profit 934.774 44,2% 898.082 42,7% 4,1%

Administrative expenses (95.340) -4,5% (96.978) -4,6% -1,7%

Sales expenses (624.951) -29,5% (580.720) -27,6% 7,6%

Production expenses (33.440) -1,6% (34.612) -1,6% -3,4%

Exchange differences on operating assets and liabilities (1.953) -0,1% 11.938 0,6% -116,4%

Other operating expenses, net 14.508 0,7% 7.387 0,4% 96,4%

Operating profit 193.598 9,1% 205.097 9,8% -5,6%

Financial income 4.392 0,2% 2.482 0,1% 77,0%

Financial expenses (85.584) -4,0% (82.107) -3,9% 4,2%

Portfolio dividends 86 0,0% 41 0,0% 109,8%

Exchange differences on non-operating assets and liabilities (1.691) -0,1% (2.615) -0,1% -35,3%

Loss on net monetary position - 0,0% (7.486) -0,4% -100,0%

Share of profit of associates and joint ventures 2.816 0,1% 619 0,0% N/A

Other income (expenses), net 3.313 0,2% - 0,0% -

Income before tax and non-controlling interest 116.930 5,5% 116.031 5,5% 0,8%

Current income tax (29.714) -1,4% (42.183) -2,0% -29,6%

Deferred income tax 10.599 0,5% 6.703 0,3% 58,1%

Profit after taxes from continuous operations 97.815 4,6% 80.551 3,8% 21,4%

Discontinued operations, after income tax (142) 0,0% (83) 0,0% 71,1%

Net profit for the period 97.673 4,6% 80.468 3,8% 21,4%

Non-controlling interest 1.144 0,1% 1.056 0,1% 8,3%

Profit for the period attributable to controlling interest 96.529 4,6% 79.412 3,8% 21,6%

EBITDA 262.661 12,4% 253.208 12,1% 3,7%

https://www.gruponutresa.com/en/inversionistas/resultados-y-publicaciones/resultados-trimestrales/#2017-2

Comprehensive

Income statement 1H17

14For further details please check the notes of the financial statements on the following link:https://www.gruponutresa.com/en/inversionistas/resultados-y-publicaciones/resultados-trimestrales/#2017-2

June

2017% Revenues

June

2016% Revenues % Var.

Continuing operations

Operating revenue 4.159.066 4.205.283 -1,1%

Cost of goods sold (2.333.030) -56,1% (2.399.295) -57,1% -2,8%

Gross profit 1.826.036 43,9% 1.805.988 42,9% 1,1%

Administrative expenses (195.591) -4,7% (193.987) -4,6% 0,8%

Sales expenses (1.188.495) -28,6% (1.128.655) -26,8% 5,3%

Production expenses (66.382) -1,6% (69.304) -1,6% -4,2%

Exchange differences on operating assets and liabilities 223 0,0% 15.786 0,4% -98,6%

Other operating expenses, net 21.592 0,5% 8.556 0,2% 152,4%

Operating profit 397.383 9,6% 438.384 10,4% -9,4%

Financial income 6.844 0,2% 4.647 0,1% 47,3%

Financial expenses (167.973) -4,0% (152.953) -3,6% 9,8%

Portfolio dividends 54.321 1,3% 50.494 1,2% 7,6%

Exchange differences on non-operating assets and liabilities (4.809) -0,1% (12.353) -0,3% -61,1%

Loss on net monetary position - 0,0% (18.527) -0,4% -100,0%

Share of profit of associates and joint ventures 1.216 0,0% 804 0,0% 51,2%

Other income (expenses), net 3.313 0,1%

- N/A -

Income before tax and non-controlling interest 290.295 7,0% 310.496 7,4% -6,5%

Current income tax (70.437) -1,7% (98.207) -2,3% -28,3%

Deferred income tax 18.677 0,4% 20.959 0,5% -10,9%

Profit after taxes from continuous operations 238.535 5,7% 233.248 5,5% 2,3%

Discontinued operations, after income tax (1.034) 0,0% (247) 0,0% N/A

Net profit for the period 237.501 5,7% 233.001 5,5% 1,9%

Non-controlling interest 1.822 0,0% 1.917 0,0% -5,0%

Profit for the period attributable to controlling interest 235.679 5,7% 231.084 5,5% 2,0%

EBITDA 527.210 12,7% 534.203 12,7% -1,3%


Consolidated net debt

15

993

487 399

1.5811.752

2.8082.906

3.0202.893

0

500

1.000

1.500

2.000

2.500

3.000

3.500

Dic-10 Dic-11 Dic-12 Dic-13 Dic-14* Dic-15* Dic-16* Mar-17* Jun-17*

CO

P B

ILLI

ON

Net debt

Dic-10 Dic-11 Dic-12 Dic-13 Dic-14* Dic-15* Dic-16* Mar-17* Jun-17*

Net debt 993 487 399 1.581 1.752 2.808 2.906 3.020 2.893

Net debt / EBITDA 1,85 0,86 0,59 1,90 2,10 2,88 2,82 2,98 2,83

EBITDA / Interest 8,60 8,85 12,74 10,38 5,83 4,70 3,52 3,34 3,54

Interest / Sales 1,40% 1,27% 0,99% 1,36% 2,21% 2,61% 3,37% 3,52% 3,35%

Contact Details

This presentation and further detailed

information can be found in the following link in

our section "Grupo Nutresa Valuation Kit":

https://www.gruponutresa.com/en/inversionistas

/grupo-nutresa-valuation-kit-gnvk/

For more information regarding Grupo Nutresa´s level 1ADR, please call The Bank of New York Mellon

marketing desk

NEW YORK

BNYM – Latin America

Gloria Mata

[email protected]

Telephone 212 815 5822

BNYM – Sell-Side

Kristen Resch

[email protected]


BNYM – Buy-Side

Angelo Fazio

[email protected]


BNYM – Sell-Side/Buy-Side

Mark Lewis

[email protected]

Telephone 44 207 964 6415

NEW YORK NEW YORK LONDON

16

Catherine Chacón NavarroInvestor Relations DirectorTel: (+574) 325 87 31email: [email protected]

https://www.gruponutresa.com/en/inversionistas/grupo-nutresa-valuation-kit-gnvk/

mailto:[email protected]




Statement of FinancialPosition 1H 2017

17

For further details please check the notes of the financial statements on the following link:https://www.gruponutresa.com/en/inversionistas/resultados-y-publicaciones/resultados-trimestrales/#2017-2

June 2017 December 2016 % Var.

ASSETS

Current assets

Cash and cash equivalents 277.418 219.322 26,5%

Trade and other receivables 934.808 889.197 5,1%

Inventories 1.050.504 1.028.417 2,1%

Biological assets 85.304 75.677 12,7%

Other current assets 258.291 246.832 4,6%

Non-current assets held for sale 35.803 100.330 -64,3%

Total current assets 2.642.128 2.559.775 3,2%

Non-current assets

Trade and other receivables 23.944 23.495 1,9%

Biological assets 8.563 7.433 15,2%

Investments in associated and joint ventures 175.634 164.510 6,8%

Other f inancial non-current assets 4.081.768 3.885.206 5,1%

Property, plant and equipment, net 3.377.048 3.383.513 -0,2%

Investment properties 71.751 71.842 -0,1%

Goodw ill 2.059.277 2.034.454 1,2%

Other intangible assets 1.162.725 1.163.671 -0,1%

Deferred tax assets 374.942 356.994 5,0%

Other non-current assets 95.978 48.661 97,2%

Total non-current assets 11.431.630 11.139.779 2,6%

TOTAL ASSETS 14.073.758 13.699.554 2,7%


18

For further details please check the notes of the financial statements on the following link:https://www.gruponutresa.com/en/inversionistas/resultados-y-publicaciones/resultados-trimestrales/#2017-2

Statement of FinancialPosition 1H 2017

June 2017 December 2016 % Var.

LIABILITIES

Current liabilities

Financial obligations 656.202 847.689 -22,6%

Trade and other payables 930.722 888.840 4,7%

Tax charges 200.054 163.362 22,5%

Employee benefits liabilities 151.445 161.592 -6,3%

Current provisions 1.139 2.734 -58,3%

Other current liabilities 43.019 49.746 -13,5%

Total current liabilities 1.982.581 2.113.963 -6,2%

Non-current liabilities

Financial obligations 2.514.525 2.277.429 10,4%

Trade and other payables 158 158 0,0%

Employee benefits liabilities 229.319 216.744 5,8%

Deferred tax liabilities 701.487 705.700 -0,6%

Other non-current liabilities 657 600 9,5%

Total non-current liabilities 3.446.146 3.200.631 7,7%

TOTAL LIABILITIES 5.428.727 5.314.594 2,1%

SHAREHOLDER EQUITY

Equity attributable to the controlling interest 8.606.275 8.346.719 3,1%

Non-controlling interest 38.756 38.241 1,3%

TOTAL SHAREHOLDER EQUITY 8.645.031 8.384.960 3,1%

TOTAL LIABILITIES AND EQUITY 14.073.758 13.699.554 2,7%


Disclaimer

This document can contain forward looking statements related to

Grupo Nutresa S.A. and its subordinated companies, under

assumptions and estimations made by company management. For

better illustration and decision making purposes Grupo Nutresa’s

figures are consolidated; for this reason they can differ from the ones

presented to official entities. Grupo Nutresa S.A. does not assume any

obligation to update or correct the information contained in this

document.

“The IR Recognition granted by Bolsa de Valores de Colombia S.A. (the Colombian Securities Exchange) is

not a certification of the registered securities or the solvency of the issuer.”

19

grupo nutresa s. a....3 innovation bénet, is grupo nutresa´s new nutritional-expert brand in the...

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